Bank of Mozambique maintains liquidity facility rate at 16 pct

13 October 2011

Maputo, Mozambique, 13 Oct – The Bank of Mozambique has decided to leave its interbanking interest rates at 16 percent, the central bank said in s statement issued Wednesday in Maputo.

According to the statement, the Monetary Policy Commission left the 16 percent permanent liquidity facility interest rate unchanged after it was reduced by 50 basis points on 11 August.

The commission also decided to intervene in the interbanking market in order to ensure that cash in circulation does not exceed 33 billion meticals at the end of October of this year.

The statement from the Bank of Mozambique also said that at the end of September net foreign reserves totalled US$2.133 billion and that the appreciation of the metical against the US dollar had slowed on the interbanking monetary market, with the exchange rate at 27.11 meticals per dollar, as compared to 27.15 meticals in August. (macauhub)